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Castor Maritime seals new loan to aid fleet growth

Nasdaq-listed dry bulk owner Castor Maritime has closed a $15.3m senior term loan facility with a European financial institution, secured by two of its vessels.

Castor says the loan is expected to be drawn down by end of this month, and will be used for the company’s growth plans.

Last week, Castor acquired a 2006-built Japanese capesize bulker for $17.5m marking its debut in the cape segment and adding to its fleet of six panamax vessels.

Petros Panagiotidis, chief executive officer of Castor, commented: “We are very pleased that this financing opportunity came to a successful completion. This new debt financing, our largest to date, with its attractive cost of funds, will provide additional liquidity enabling us to continue pursuing our strategic goals of expanding our fleet and delivering long-term profitability to our shareholders.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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